Union Bank of India (UBoI) reported a 28 per cent year-on-year (y-o-y) increase in third quarter standalone net profit at ₹4,604 crore, with the bottomline being supported by growth in non-interest income, and decline in provisions and tax.
The public sector bank had posted a net profit of ₹3,590 crore in the year ago quarter.
Net interest income (difference between interest earned and interest expended) in the reporting quarter nudged up marginally to ₹9240 crore (₹ 9168 crore in the year ago period).
Other income, including fee-based income, treasury income and recovery in written-off accounts, rose about 46 per cent y-o-y to ₹4417 crore (₹ 3774 crore).
Overall provisions declined about 8.5 per cent y-o-y to ₹1599 crore (₹ 1748 crore). Within this, loan loss provisions, however, increased by 20 per cent y-o-y to ₹1477 crore (₹1226 crore).
Tax expenses declined about 34 per cent y-o-y to ₹1289 crore (₹ 1940 crore).
Gross Non-Performing Assets (NPAs) position improved to 3.85 per cent of gross advances as at December-end 2024 against 4.83 per cent as at December-end 2023. Net NPAs position too improved to 0.82 per cent of net advances against 1.08 per cent.
Global advances were up about 6 per cent y-o-y to ₹9,49,164 crore as at December-end 2024. Global deposits increased by about 4 per cent y-o-y to ₹12,16,562 crore.